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The India growth story gone all wrong got some respite with the gross domestic product (GDP) growing at 5.5 per cent in the first quarter of this fiscal year. The figure beat analysts’ expectations of 5.2 per cent.
The services sector was the biggest disappointment, growing a feeble 6.9 per cent against 10.2 per cent in the year-ago period.
T.C.A. Anant, the chief statistician of India, said the services sector disappointed because it is linked to the agricultural and manufacturing sectors which did not perform well.
The construction sector notched up a 10.9 per cent growth versus 3.5 per cent in the June 2011 quarter. Agriculture hobbled at 2.9 per cent versus 3.7 per cent (YoY).
C. Rangarajan, chairman of the Prime Minister’s Economic Advisory Council, said the numbers are “consistent with what we expected”.
